The Nigerian Senate has approved a 516 million dollars loan request by President Bola Tinubu to funds the Sokoto–Badagry Super Highway project.
Lawmakers gave the approval during plenary after reviewing a committee report on Local and Foreign Debts, recommended that the loan be added to the federal borrowing plan.
The financing will come through Deutsche Bank AG with backing from Islamic Corporation for the Insurance of Investment and Export Credit.
Lawmakers said the highway is vital for national development. Tahir Monguno noted that the road will link key regions and cut travel time.
Senate President Godswill Akpabio explained that an earlier funding plan failed due to conflict in the Middle East. He said the new loan will help move the project forward.
The proposed 1,000-kilometre highway will connect several states from Sokoto to Lagos.
Officials say it will boost trade, improve transport, and support agriculture. The Senate’s approval will now go to the president for final action.
